Efficiency and convenience through NetSuite Inventory Management tool is actually everything for wholesale distributors and several other retail suppliers. Instead of depending on paper-based purchasing software, this inventory management provides you with a cloud-based solution which can reduce your costs and streamline your distribution process.
The inventory management platform is one of the best and most popular features in the cloud-based ERP software from NetSuite. NetSuite Inventory Management offers distributors full control over their inventory throughout multiple locations. It also significantly lowers the costs associated with warehousing, order procurement, fulfillment and shipping.
Some key indicators of performance such as delivery performance and shipping costs are easy and quick to track when using this inventory management software. This is made possible through its continuous monitoring of the real time data. When using inventory management for NetSuite, companies are highly capable of reordering points and calculating lead-time based on seasonal and historical demand. Additionally, with this tool, companies are also capable of streamlining the shipping process and improving customer satisfaction in general.
Key Functionality of Netsuite Inventory Management
NetSuite Inventory Management provides a lot of the features which distributors have highly welcomed from the platforms of cloud-based inventory management. They have also come to expect several ad-on benefits, making the entire system over-the-top. Synchronizing this platform with other business apps gives distributors opportunity to use several key features such as demand-based inventory management, margin management, bin management, as well as lot and serial tracking.
Pre-built synchronization with USPS, FedEx, and UPS allow users of this inventory management for streamlining their shipping processes. The software also provides great support for matrix items, which means that distributors can easily manage several different combinations of items in just a single matrix. Eventually, this leads to more straightforward description management and simplified pricing. This feature for supporting matrix items makes the process easier for businesses to identify specific combinations of an item for customers, based on color, size, and several other unique factors.
Pros of Using Inventory Management for NetSuite
Organizations that use this cloud based platform together with other relevant tools in NetSuite’s product suite usually receive the benefit of synergy. CRM, ecommerce and accounting systems always work together, but not against an inventory management system of a distributor. Using just one unified system can make it easier for businesses to lower IT costs as well as other typical concerns related to the maintenance of multiple business applications.
The other advantage of using this inventory management platform over the traditional paper-based type – involves time. Managing your inventory with this tool for NetSuite can save you a lot of time of your work. It facilitates the process by removing data entry and automating several tasks which are basically associated with the order fulfillment. For instance, inventory management for NetSuite can convert leads into orders, and then orders into shipments, even without the company just doing anything. This kind of extremely advanced automation method is one of the key features which this tool uses to emerge the best among the competitors in the same industry.
The Basics of Inventory Management for NetSuite
Generally, you can easily review the dashboard of your inventory management every morning to determine where business stands. For this platform, its role-based dashboard comprises full details about the top most (usually five) inventory sales as well as other key indicators of performance for the current period of time.
1. Calculating Demand Plans
With this tool, you can choose the specific items and create proposed purchase orders you need. It automatically derives the perfect plan based on high quality, creates purchase order and then submits it right to the vendor through fax, email, or print copy. Business managers can easily add their specific rules to this inventory management to ensure that appropriate approval has been achieved before sending purchase orders to the suppliers.
2. Demand History for Each Item
Distributors can use this inventory management to calculate item demand, especially on a seasonal basis. They can also use it to configure their NetSuite accounts under it to show item demand on the basis of each location. Projection intervals and methods help in refining this information even further if needed.
3. Inventory Management Dashboard
With this dashboard, you can plan for your future supply issues simply by analyzing the demand history. This cloud based platform for NetSuite shows the user the demand history by each item. For instance, a retailer can be able to see how many hats or mittens he/she sold during every month of the previous year. You can also this information when making your supply orders in the future.
4. Creating Purchase Orders
- Support Information – distributors or suppliers who usually use this inventory management platform can feel confident in the vast support network of the company that includes a knowledge base, FAQs, phone support, video tutorials and online support. In case you have specific questions about using this platform you are encouraged to contact a representative for quick support.
- Pricing Information – The pricing for this cloud based platform for NetSuite is currently $99 per month and its subscription plans also start at a price of $499/month, and $99 per user monthly.
Other Features
The intended users of NetSuite Inventory Management include small business, mid size businesses, large enterprises and even freelancers. Some of the devices that be supported by this platform also include Mobile Web App, Windows, Android, RIM-BlackBerry and iPhone-iPad. They are also several other supported languages such as English, Italian, French, Korean, Japanese, Danish, Chinese (Traditional), Dutch, German, Portuguese, Spanish, Taiwanese, Russian, Indonesian, Thai, and Swedish.
Using this great feature in the cloud based ERP software for NetSuite can help distributors to lower both the time and costs basically involved in the process of dealing with supply chain issues. The real-time visibility tools of this platform provide distributors and suppliers with insight into how exactly the costs, supply, fulfillment and demand issues shift over time.
This means that by reviewing such trends, businesses owners are capable of planning for future purchases while eliminating issues associated with inventory stock. Lastly, NetSuite Inventory Management can save you a lot of time and money by virtually getting rid of data entry tasks which most often associate with inventory management, leading to a more straightforward process of procure-to-payment and vendors tending to be extremely satisfied overall.